Nuvama attributed the market correction to weak earnings and elevated valuations. The Nifty 50 index saw five consecutive months of selling, which was the first time in three decades and fell 15 percent so far, without a global selloff. Given rising global uncertainties, the brokerage continues to maintain a defensive bias and prefer large caps over SMIDs. \”We now downgrade IT to UW (from neutral) considering high relative valuations and a weakening US outlook,\” said Nuvama Insitutional Equities, in a recent note. The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. For confidential support call the Samaritans on 08457 90 90 90, visit a local Samaritans branch or see www.samaritans.org for details. In the U.S. call the National Suicide Prevention Line on 1-800-273-8255 or visit http://www.suicidepreventionlifeline.org/.